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Agreement of Trial Balance is not a conclusive proof of
absence of Errors. Will you support me
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Answer Posted / satyaki_raju@yahoo.com
Mr Prem to some extent your answer is correct.Even though
the Trial balance tallied there may be chances for mistakes
which cannot be detected by TB. As you said there may be
compensating errors,Errors of principle,Errors of
commission and Errors of commission Those can be detected
thru thorough auditing.In this juncture I want to advice to
post question or answer thru your e-mail.It will help you a
lot. You can glance the answer posted by others which helps
to rectify yourself
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Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
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